Training highlights need for SMEs to keep proper records

A local company that was established to provide advisory services, trainings and easily accessible funding options for small and micro traders has noticed the need to upgrade traders’ knowledge of preparing proper financial records and business reports.

Business Assistance Fiji general manager Ramesh Chand shared they noticed the need to conduct training on proper record keeping after conducting a few trainings in Suva and were looking to assist small traders sustain their businesses.

“When we conducted consultations, an area that was quite evident that we need to help in proper record keeping,” he said.

“It is very clear that people need training on preparing proper financial reports which they would have to submit later to the Fiji Revenue and Customs Services.

“But some of them don’t really know how to read and understand profit and loss statements on the FRCS website and this is something we really need to conduct trainings on.

“Some traders do not know how to read balance sheets and even calculate various ratios which are relevant to their business.

“As traders, they need to see the ratios, interpret it and analyze it to make appropriate decision for improvement in their business.

“So that is another area that we will be touching on basically.”

Meanwhile , in Nadi this week, a number of small traders had their commercial pages enhanced and some had theirs set up for the first time while many other took advantage of the training and used it to improve on reaching out to their customers.